Fixed rate ISA query

Buttkick

Hi all,

Quick question, I opened a 2 year fixed rate ISA in August 2012, due to expire in Aug 2014 obviously. Ive put a little money into it.
With the new years ISA's ready to go in a day or 2, im wondering what my options are with adding more money for this new tax year?

Ive tried adding money just now to my existing ISA but its not letting me, im assuming because its a fixed term?

I know i could open another ISA but would I be able to add anything to it now or after 5th April?

Regards

Butt

xylophone

Ive tried adding money just now to my existing ISA but its not letting me, im assuming because its a fixed term?

This looks like the case.

I know i could open another ISA but would I be able to add anything to it now or after 5th April?

You can't subscribe to a new ISA until 6 April - if you wish to add amounts during the tax year, choose one that allows it.

http://www.moneysupermarket.com/partners/thisismoney/savings/

ellie27

If you cannot add to your existing ISA I guess that means you have used all your allowance for 2012/2013 which is £5640.

You will be able to put up to £5760 into any ISA on the 6th april (whether its your current isa or a new isa you decide to open)

Gromitt

ellie27 wrote: »

If you cannot add to your existing ISA I guess that means you have used all your allowance for 2012/2013 which is £5640.

Unless the T&Cs disallow it, typical of fixed rate ISAs which the OP has.

ellie27 wrote: »

You will be able to put up to £5760 into any ISA on the 6th april (whether its your current isa or a new isa you decide to open)

Unless the T&Cs disallow it, typical of fixed rate ISAs which the OP has.

For example, the Santander 2 year fixed rate ISA has a cut-off date of 30th May this year. No additional funds are allowed after this date, regardless of whether or not you have used your full allowance.

ellie27

Gromitt wrote: »

Unless the T&Cs disallow it, typical of fixed rate ISAs which the OP has.



Unless the T&Cs disallow it, typical of fixed rate ISAs which the OP has.

For example, the Santander 2 year fixed rate ISA has a cut-off date of 30th May this year. No additional funds are allowed after this date, regardless of whether or not you have used your full allowance.

Thank you! I didnt know that! I always put in full years allowance at start of year or on opening/transferring. Will need to look a bit more at t&c as I am looking for a new ISA for my mum!

Buttkick

Thank you for the replies

It was as I was hoping then, ill just open a new one in the next few days ready for the 6th.
Gromitt was correct, the type of fixed ISA i had only allowed funds to be added up to May 30th that year(which I didnt realise at the time).

Certainly something to keep an eye on when choosing one, ill not be making that mistake again.

Thanks again guys